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Understanding Pension Reform
Congressional staffers consider their options at the "Pensions 201" briefing. Congress was preparing for summer recess, but class was in session on Capitol Hill at the Academy's Aug. 3 briefing, "Pensions 201: Understanding Pension Reform and Estimating Your Own Retirement Benefits." The luncheon briefing, a follow-up to "Pensions 101," the Academy's June briefing on pension basics, focused on the pension elements of the recently enacted tax cut legislation. "I'm here to explain to you a law you just recently passed," James Turpin, the Academy's vice president for pension issues, told the audience of about 60 people, including House and Senate staff and other policy-makers. Academy President Larry Johansen introduced the session, explaining the Academy's mission and encouraging congressional aides to use the Academy as a resource. Tailoring his comments to an audience of mostly younger staffers, Turpin outlined how the recent tax reform legislation changed pension law and what those changes will mean for employees, employers, and government workers. "How many of you folks here," asked Turpin, looking for a show of hands, "actually know what your retirement benefits are?" The meager response highlighted the gap the Academy's educational briefings are designed to fill. As part of his presentation, Turpin unveiled a pension calculator that allows congressional staff to project their individual account balances in the Federal Thrift Savings Plan and convert them into an annuity payable over their lifetime. What appears to be a relatively large account balance, said Turpin, doesn't necessarily equate into a large annual figure when paid out over the course of a lifetime. |
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